Loans for House Renovation | Home Improvement Loans

Home Renovation Loan

Just like your lifestyle upgrades, your home too requires upgrades to cater to your growing needs and regular maintenance. To spruce up your space, you can opt to take a home renovation loan from Credit Fair. Since home renovation is a costly affair that can require you to splurge lakhs of rupees, you can opt for this type of loan to take care of all the expenses associated with it. Opting for a home renovation loan can help you take care of different expenses such as flooring, tiling, plaster, loft conversion, kitchen renovation, designing the garden and others. 

Eligibility criteria to get home renovation loan

To get a personal loan for home renovation purposes, you have to meet the below listed eligibility criteria.

  • You should be aged between 18-65 years

  • You should be a resident of India

  • You should have minimum salary of Rs. 15,000

  • You should be self-employed or salaried professional

  • You should have a minimum credit score of 600 or -1

Documents required to home renovation loan

The below documents have to be submitted to get home renovation loan

  • Identity proof: PAN card/ Aadhar card

  • Address proof: Utility bill, passport, rent agreement, sales deed

  • Bank statement of past 6 months reflecting salary credit

  • Business existence proof: Shop and registration certificate/GST registration/ Property Documents /Maintenance Bill/Electricity Bill 

Benefits of personal loan for home renovation

Usage of funds: The loan amount can be used for any type of home renovation and any expenses related to it. For instance, you can use the loan amount for paying off the architect, interior designer, buying materials, purchasing furniture or other purpose. Lenders do not require you to submit payment receipts or there is no restriction on usage of funds.

Easy repayment tenures: Renovating even a corner of your house can cost you lakhs of money. Depending on the fee of the designer along with the materials you use and the design trend, home renovation cost can turn out to be costly affair. At such times, availing a home renovation loan can be an ideal thing to do as you can repay the loan in easy and affordable EMI tenures ranging from 6 months-60 months. The repayment tenure varies from lender to lender. 

Affordable interest rates: One of the biggest benefits of getting a loan for any home renovation is that the loan is offered at an affordable interest rate based on several factors including your age, income, credit score and others. With credit Fair, you can avail loan for home renovation at ZERO cost EMI. Having a high credit score can help you get the loan amount at a low rate of interest. 

Instant approval and disbursal: You can avail instant disbursal from Credit Fair. We offer instant approval and disburse the amount within 24-48 hours. 

Minimum documentation: The loan is offered at minimum documentation, without involving any paperwork. Providing basic KYC documents and income proofs including salary slip and bank statement is enough. 

Helps increase the credit score: Timely repayment of the loan amount helps you increase the credit score that makes it possible for you to secure more loans in the future.

Apply with Credit Fair

Credit Fair offers you loan upto Rs. 20 lakhs for funding your Home renovation or any other expenses related to it. The loan is offered at ZERO COST EMI at LOW processing fee.

FAQs on home renovation loan

  • What is the maximum and minimum home renovation loan amount I can get from Credit Fair?

You can get loan ranging from Rs.10,000 to Rs. 20 lakhs from Credit Fair for home renovation purpose. 

  • What is the credit score required to get home renovation loan?

Usually, lenders in India require you to have a credit score of 750 to get a loan.

However, with Credit Fair you can get loan even with no credit history or score of 600.

  • What is the interest rate for home renovation loan?

We offer ZERO COST EMI home renovation loan.

  • For what purpose can I use the home renovation loan?

You can use the home renovation loan for the below purposes:

  • House maintenance

  • House remodeling

  • Painting

  • New flooring or wall painting

  • Internal and external repairs

  • Buying new furniture pieces

Credit Fair in partnership with Sleek International Private Limited, Arrivae, Maestro Kitchens and Wardrobes, Aesthetic Modular Kitchen, Flapto, Saviesa Homes, Greco, TeMac Design offers you home renovation loans at ZERO COST EMIs.